News On Stock Market....!!!

Bombay Stock Exchange Starts Power Index; BHEL, NTPC Dominate


Nov. 9 (Bloomberg) -- Bombay Stock Exchange, Asia's oldest, launched a power index, seeking to reflect the demand for shares of electricity utilities that's helped Reliance Energy Ltd. more than triple in market value this year.

Bharat Heavy Electricals Ltd., the nation's biggest power- equipment maker, will account for 22 percent of the 14-member BSE Power Index, the exchange said in an e-mailed statement. NTPC Ltd., India's biggest power producer, and Reliance Energy, the second-biggest, will together make up 28 percent.

India's benchmark Sensitive stock index topped 20,000 for the first time last month and is on course for its sixth annual rise led in part by power generation and distribution companies. Bharat Heavy, Reliance Energy and NTPC are the best-performing shares this year, buoyed by rising demand for electricity in the world's second-fastest growing major economy after China.

The exchange has set the index's base year at 2005 and will add companies based on the so-called ``free-float'' method of shares available for trading.